CHALLENGE: WHAT TECHNOLOGICAL SOLUTION WOULD ALLOW THE BANK OF LITHUANIA TO AUTOMATICALLY OBTAIN THE DATA FROM MARKET PARTICIPANTS NECESSARY FOR SUPERVISION?
All financial market participants have an obligation to report to the Bank of Lithuania on their activities. Currently, payment service providers (banks, credit unions, other credit institutions, electronic money and payment institutions) have to submit statistical reports; in addition electronic money institutions and payment institutions have to submit reports to supervision respectively. In order to generate a report, a financial market participant must prepare its systems so that they aggregate the data according to the requirements of the specific reports. Such reports often are produced manually. The process requires a lot of time and resources. In order to reduce the administrative burden, the Bank of Lithuania is looking for an innovative solution that will allow it to obtain the necessary data and automatically aggregate it to reports.
The solution would be mutually beneficial - a financial market participant would no longer need to adapt its systems to the reporting requirements and collect the data manually; the Bank of Lithuania would automatically receive the data and aggregate it to the required reports on its end. This would avoid errors, delays and different treatment of compliance requirements.
A technological solution should allow the Bank of Lithuania to obtain structured micro-level data and automatically transfer it to the required reports, including the solution on accessing data in a specified format or manner.
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